Geely Automobile Holdings stated on Friday it raised HK$6.48 billion ($836 million) from a share placement as the Chinese automaker looks to refill its coffers to finance growth in the country. Hong Kong-based Geely has sold 600 million major shares at the bottom of the HK$10.80-HK$11.20 ($1.39-$1.44) price range, or at a 7.85% discount to […]
China’s Geely Holding will explore the possibility of deeper cooperation with German automaker Daimler AG, its Chairman Li Shufu stated on Friday. Geely built a 9.69% stake in Daimler in 2018. The two companies established a China-based venture for building electric Smart cars and a separate premium ride-hailing venture. They also invested in Volocopter, a […]
Chinese automaker Geely has started a service for customers to purchase cars online and get them delivered directly to their residences, as the coronavirus outbreak has urged buyers to avoid going outside their home. Other automakers such as Tesla, BMW and Mercedes-Benz have also started to promote products online in the recent times as the […]
Zhejiang Geely Holding Group and Mercedes-Benz on Wednesday stated they would each spend 2.7 billion yuan ($388.77 million) in a China-based venture to construct “premium and intelligent electrified” vehicles under the smart brand. The 50:50 venture has gained regulatory approval and will be based in the Chinese coastal city in Ningbo, the Chinese and German […]
Zhejiang Geely Holding’s Chairman, Li Shufu, stated on Wednesday China’s automotive industry deals with restructuring and bankruptcies in the next three to five years as the industry modifies itself. Li made the discussion on the sidelines of China’s annual parliamentary meeting held in Beijing.
Chinese automaker Geely has agreed to expand its present partnership with Proton Holdings Berhad to upgrade the Malaysia automaker’s line-up of vehicles and power Proton go beyond Malaysia, part of continued effort to assist Proton establish a presence in China and other worldwide markets. In order to take Proton beyond Malaysia, Zhejiang Geely Holding Group […]
Volvo Cars is increasing its investment twice in its first U.S. plant under construction to include a second production line at an overall cost of $1 billion, a source with understanding of the plans stated, as the automaker heads for a 4th straight year of record sales. The move to raise capacity even prior the […]
All Volvo vehicle models introduced after 2019 will be electric or hybrids, the automaker stated on Wednesday, making it the first significant traditional automaker to schedule a date for phasing out vehicles powered entirely by the internal combustion engine. The Sweden-based automaker will continue to produce pure combustion-engine Volvos from models released prior to that […]